Evening all,

Since going to an iOS dev conference last week I've been thinking about doing some iOS dev work. I'm also thinking it might be worth setting up some sort of company to centralise finances and organisation (e.g. company iTunes account vs my own personal one).

I'm just not sure where to start...What I've read so far seems awfully terse, and very much at a company which would forever be losing and gaining large percentages of money. If I were to start a small company it would very much be on the side of my full time job, and I wouldn't be looking at taking a wage as I know that things might be slow to get off the ground.

So I am in need of some advice, I know a few people around here have their own business, but I also know that said people live from it.

Many thanks for any advice given

Ben

You can start as a sole trader which can be a separate business as far as most are concerned. Speak to the inland revenue. Say what you are thinking of doing and start keeping receipts, It used to be that you could claim for business cost for up to six months before you start. Unless you anticipate turnover doing well then you can leave VAT for now. Though you might want to get the forms just in case.

If you set up a separate business account that can be used for the paying of bills and receiving income it also makes it easier when you start your accounts. Tax man can help when it comes to accounting. They would probably have dealt with a number of similar businesses so could say what way to go. Computerised accounts can be easy but you might have to have an audit trail. Odds are that simple paper accounts will be enough as you will be getting payments from one store effectively. If you are honest, they will know, they are easy to get on with and not a problem. If you try and be too clever they can spend as much time as necessary to find out what cons you are pulling, and if they can wipe you out with fines. Though unless you try and claim a wet suit as protective equipment (and are not a freelance diver) then they will use that as an excuse to dig very deep. So nothing stupid and you will be fine.

Turning into a private company can have benefits but they have additional costs as well. Get an accountant for that.

I'm not 'up' on company law, but IIRC you'll want a setup that absolves you of personal responsibility for any debts the company acquires.

For tax purposes you don't necessarily need a company, but you will need to declare any earnings and possibly submit a Self-Assessment return - depending on how much you earn.

if you do set a business up.

1) join FSB ( Federation of Small Business )
2) Get business liability insurance
3) keep its money separate from yours
4) ensure you get the domain to match your company name.
5) going VAT registered gives you a certain solidity in teh eyes of customers so it can be worthwhile doing even if you don't have to.
6) Keep receipts and you can claim VAT back for the 6 months before you register to paying VAT.

Hope that helps.

Cheers guys.

I need to read up on what sort of thing the tax man would want on a yearly basis then, and how to declare any earnings I might take from the company in the future.

All quite exciting

You may be liable for part of the NI contributions, too. Can't remember exactly, but I don't think that is necessary if you're still in full time work that deals with all that in your pay packet, though.

Whatever, there's tons of info on the www.hmrc.gov.uk web site, and the humans you deal with are generally quite helpful.

Yep, a quick read of the H.M. Revenue & Customs guides to setting up a business will probably help - here
I'd also advise having a chat with a local accountant as even at this early stage, it's easy to make a decision that turns out to be expensive or unnecessary, especially if you're running your new business alongside full-time employment.

Good luck!

Thanks for the links guys, I'll take a better look a little later on

Prepare a business plan and go on Dragons Den.

Good morning Dragons. I would like £1,000 for a 49% share in my business which has no assets. I will be ploughing in around 16 hours a week, so yeah, if you could run things that'd be great

Hmmm...Might need to work on that one